The Property Core Real Estate Fund, managed by Square Asset Management, bought a set of retail assets (leased) from a Portuguese Family Office.
Three properties located in Palmela, Sintra and Castelo Branco are involved, totalling 5,823 square metres. Two of them are supermarkets leased to reference operators (not identified), and another is leased to a DYI (DIY, construction and decoration) operator.
For Luís Dias, Fund Manager of Property Core, this is "an acquisition that fulfils all the acquisition criteria of this Fund. First-class assets, sustainable tenants and contracts aligned with the Fund's strategy are the determining factors for our investment policy", he says.
In this deal, the consultancy CBRE accompanied the owner. Luís Dias emphasises that the consultant "presented and supported an operation that adds to the Fund's portfolio, contributing to the good performance of the portfolio".
José Hermozilha, Head of Investment Properties at CBRE, comments in a statement: "We continue to see a high demand for properties in sectors such as food retail and DYI, whose stability makes them an excellent bet to circumvent the unpredictability of economic cycles. When certain requirements are also met, such as the existence of reference tenants with long-term contracts, these assets become perfect for any income property portfolio", he concludes.